ACTUARIAL SERVICES
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A G R E E MEN T
THIS AGREEMENT, made and entered into this 9( 61:L day of
1995 by and between the CITY OF CLEARWATER,
municipal corporation, hereinafter referred to as
"City," and Coopers & Lybrand LLP, a firm of certified Public
Accountants, located at 1100 Campanile Building, 1155 Peachtree
street, Atlanta, Georgia 30309-3630, hereinafter referred to as
"Contractor;"
WITNESSETH
WHEREAS, the City maintains a self-insurance program and is
desirous of having an actuarial analysis performed on all of its
liability accruals, and
WHEREAS, the Contractor is in the business of public
accounting and providing casualty actuarial services, is fully
qualified to meet the requirements of applicable City, State and
Federal law, and desires to perform the necessary services:
NOW, THEREFORE, the parties agree as follows:
1. This agreement relates specifically to the City's fiscal
year ending September 30, 1995.
2. The Contractor shall perform an actuarial analysis of the
City's general , automobile, and Workers Compensationliabili ty
accruals, currently accounted for as a part of the City's self
insurance fund. The analysis will include, but not necessarily be
limited to, a computation of the "IBNR" (incurred but not reported)
liabilities as of September 30, 1995. The Contractor will include
in the annual report all disclosures necessary to comply with GASB
Statement Number 10.
3. Following the completion of the actuarial review, the
Contractor shall issue a report summarizing the findings of the
actuarial analysis of the Central Insurance Fund.
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4. The Contractor shall retain all working papers for a
minimum of three (3) years, unless notified in writing by the City
of the need to extend the retention period. The Contractor shall
make working papers available, upon request, to the following
parties or their designees:
. City of Clearwater
. u.s. Department of Housing and Urban Development
. u.s. General Accounting Office (GAO)
. Parties designated by the federal or state
governments or by the City of Clearwater as part of
an audit quality review process
. Auditors of entities of which the City of
Clearwater is subrecipient of grant funds
In addition, the Contractor shall respond to the reasonable
inquiries of successor auditors and allow successor auditors to
review working papers relating to matters of continuing accounting
significance.
5. The Contractor shall prepare and submit to the City no
later than August 30, 1995, a detailed schedule of the list of
documents needed from the City including the related date required.
The Contractor shall complete performance under this contract by
December 1, 1995.
6. The Contractor shall bill the City and the City shall pay
the Contractor for the performance of the services under this
contract on the basis of the Contractor's normal and customary
charges for such services, plus ordinary out-of-pocket expenses
customarily stated separately by the Contractor in his general
practice, the same to be separately stated and itemized. The total
amount of this contract including out-of-pocket expenses shall not
exceed $10,000. The City may, by amendment of this agreement,
increase these maximum fees and/or extend the completion date upon
the Contractor's showing evidence of conditions which require
substantially more time than would generally be required to perform
the prescribed services. Progress payments will be made
periodically for work completed to date based on invoices submitted
by the Contractor. The sum of such progress payments shall not
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exceed 80% of the maximum specified above. The final payment will
be made within 30 days of receipt of the final actuarial reports.
IN WITNESS WHEREOF, the parties hereto have caused this
agreement to be executed the day and year first above written:
countersigned:
CITY OF CLEARWATER, FLORIDA
By:
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Approved as to form
legal sufficiency:
Attest:
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Pamela K. Akin
City Attorney
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City Clerk, -
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Witnesses:
Attest: .~ ~A
NdMy Publle, Del(~lb Count;;, CeorQ'ia
MyComFlis:;lon Expires MI<"ch 15, 1~::9fi
FILE: COPACT94
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COOPERS & LYBRAND LLP